Moonshot AI valued at US$20B, raises US$2B amid China's new IPO rules

Moonshot AI, a Chinese startup known for its Kimi chatbot, has successfully secured around US$2 billion in a funding round spearheaded by Long-Z Investments, Meituan's investment division, and China Mobile, elevating its valuation to over US$20 billion. Based in Beijing, the firm has amassed a total of US$3.9 billion in funding over the last six months, as reported by financial advisor HF Capital. In April, Moonshot's annual recurring revenue (ARR) surpassed US$200 million. As it aims for a Hong Kong IPO, the company is adapting to new regulations from the China Securities Regulatory Commission, which recommends that firms with offshore entities restructure for mainland listings. Moonshot is contemplating dissolving its Cayman Islands parent structure but has yet to make a final decision. Meanwhile, competitor StepFun is also restructuring for its Hong Kong IPO. HF Capital highlighted that Moonshot's valuation has potential for further increase when compared to Hong Kong-listed rivals Zhipu AI (market cap HK$434.7 billion) and MiniMax (HK$257 billion).